Invitation to Bid For Properties With Vacant Possession Located Across The Country

DEADLINE: 28TH FEBRUARY, 2022
INVITATION TO BID FOR PROPERTIES WITH VACANT POSSESSION LOCATED ACROSS THE COUNTRY

ELIGIBILITY TO PARTICIPATE
Bidders are required to complete “Know Your Client” form as part of the bid submission process to disclose any further information as may be required by the sales agents.

SUBMISSION OF BIDS
1. Bids must be addressed to the offices of respective sales agents for each property.
2. Deadline for submission of bids is February 28, 2022

OPENING OF BIDS
1. The bids will be opened on March 11, 2022 by 12 Noon and the venue will be communicated to all eligible bidders

2. Bidders and/or their nominated representatives are expected to be present at the opening of the bid.

3. The highest bid for each property will be the winner SUBJECT of the hid being equal ar above the reserved price

4. Notwithstanding paragraph 3 above, the acceptance of the price of the highest bidder shall be subject to the commencement of the “Selling Party” and the Selling Party’s Regulator whose decision in this regard shall be final.

5. In the event of two or more bidders having a tie on the highest bid, the said bidders shall be required to make a second bid immediately and the highest bidder amongst them shall be the winner.

6. The bids will be announced immediately after the opening and the bidders or their representatives will have the right to review the results on March 11, 2022 after the exercise.

7. The return of the certified bank drafts to unsuccessful bidders will be processed within twenty one (21) days after the bidding closes and winner is announced.
 

BIDDING PROCESS
1. Disposal of properties will be by competitive bidding and bids must not be below reserved price.

2. Bids must be made and bid forms and submitted together with duly completed “Know Your Client” form and 10% of the bid amount in certified bank draft made payable to the agents for respective properties. Bid document and “Know your Client forms are to be obtained from the offices of the sales agents or online via a dedicated site to be given an request

3. Bids must be submitted in sealed envelopes with “Bid for Property” and “bidders contact address” marked on the top left corner of the envelope.

4. The successful bidders will be required to pay the 90% balance of the bid within 60 days of the receipt of Approval of Sale from the Sales Agents failing which the 10% becomes un-refundable and the Seling Party will be free to offer the property to other buyers

5. Bids cannot be withdrawn or cancelled once submitted. Where this occurs the initial 10% deposit becomes non-refundable.

6. Where the Selling Party’s Regulator decides to accept the winning Bid after Ninety (90) days of winning the Bid, the funds deposited by the Winning Bidder shall be returned to the Winning Bidder.

7. By participating in this bid, each bidder is deemed to have unconditionally accepted all the terms and conditions stated in this advertisement

PROPERTY INSPECTION
Interested bidders can contact the sales agents for guided inspections of the properties and further enquiries. The properties will be sold on “as is basis” (in the condition that presently exist).